Coronavirus (COVID-19) updates from the Australian Government

Guaranteeing a minimum return of class action proceeds to class members

7 days left to have your say
Date
-
Consultation Type
Consultation Paper

Key Documents

On 21 December 2020, the Parliamentary Joint Committee on Corporations and Financial Services (PJC) handed down its report, Litigation funding and the regulation of the class action industry.

Recommendation 20 of the report was that the Australian Government consult on:

  • the best way to guarantee a statutory minimum return of the gross proceeds of a class action (including settlements)
  • whether a minimum gross return of 70 per cent to class members, as endorsed by some class action law firms and litigation funders, is the most appropriate floor
  • whether a graduated approach taking into consideration the risk, complexity, length and likely proceeds of the case is appropriate to ensure even higher returns are guaranteed for class members in more straightforward cases.

This joint consultation by the Treasurer and the Attorney-General responds to Recommendation 20 of the PJC’s report. The consultation will close on 28 June 2021.

Related content

Responding

You can submit responses to this consultation up until 28 June 2021. Interested parties are invited to comment on this consultation.

While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.

Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

View our submission guidelines for further information.

How To Respond

Email

MCDLitigationFunding@treasury.gov.au

Post

Address written submissions to:

Manager
Market Conduct Division
Treasury
Langton Cres
Parkes ACT 2600

Enquiries

Email: MCDLitigationFunding@treasury.gov.au